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What is Web 3.0: A beginner's guide to the decentralized internet of the future
Web 3.0 explained
Web 3.0 is a possible future version of the internet based on public blockchains , a record-keeping system best known for facilitating cryptocurrency transactions . The attractiveness of Web 3.0 is that it is decentralized, meaning that rather than consumers accessing the internet through services mediated by companies like Google, Apple or Facebook, individuals, themselves, own and govern sections of the internet.
Web 3.0 doesn't require "permission," which means that central authorities don't get to decide who gets to access what services, nor does it require "trust," meaning that an intermediary isn't necessary for virtual transactions to occur between two or more parties. Because these agencies and intermediaries are doing most of the data collection, Web 3.0 technically protects user privacy better.
Decentralized finance, often known as DeFi , is a component of Web 3.0 that's gaining steam. It entails executing real-world financial transactions on the blockchain without the help of banks or the government. Meanwhile, many major corporations and venture capital firms are pouring money into Web 3.0, and it isn't easy to conceive that their engagement won't result in some form of centralized power.
In this post, we'll go through how the web has evolved, why everyone is talking about Web 3.0, what Web 3.0 is used for, what is Web 3.0 in crypto, where it's heading next and why this matters.